Oil prices rose nearly 2% on Wednesday after a favorable U.S. inventory report from the Energy Information Administration (EIA), an OPEC agreement to taper the production cuts, and assurances from U.S. President Trump that Washington will not levy sanctions on China for its treatment of Hong Kong.
Oil price futures were up more than 2% on Wednesday, with spot prices for WTI up 1.71% at $40.98 at 6:30pm EDT. Brent crude was trading up 1.75% at $43.65.
The news piggybacked on the good news from the EIA, which on Wednesday confirmed the API’s report a day earlier that crude oil stocks in the United States had fallen by more than 7 million barrels. This is attributed to fewer crude oil imports from Saudi Arabia.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.